AFEX Dominates as Africa’s Fastest-Growing Company, According to Financial Times

AFEX, a prominent player in Africa’s commodities market, is thrilled to announce its first-place ranking in the Financial Times (FT) listing of Africa’s Fastest-Growing Companies for 2023. Since its debut on the inaugural list last year, AFEX has experienced remarkable growth, with doubled revenue and expanded operations into East Africa. The company has provided financing to over 450,000 farmers and traded an impressive 526,850 metric tonnes of commodities in Nigeria, Kenya, and Uganda. In the previous year, AFEX secured third place on the overall FT Africa list while claiming the top spot as the fastest-growing company in Nigeria and Africa’s Agriculture & Commodities category.

The FT’s Africa Fastest Growing Companies list showcases innovative, modern, and rapidly expanding companies that are driving forces in the global economy of the 21st century. Collaborating with data research company Statista, FT compiles similar rankings for companies in Europe, Asia, and America. AFEX’s inclusion in this prestigious list attests to its exceptional performance and success. Similar to the rankings for other markets, the Africa list ranks companies based on their compound annual growth rate (CAGR) in revenue between 2018 and 2021. With a remarkable growth rate of 505.3% over the past three years, AFEX emerges as Africa’s fastest-growing company in 2023.

Presently operating over 200 warehouses in Nigeria, Kenya, and Uganda, and serving a vast network of 450,000 farmers, AFEX has ambitious plans to expand to nine African countries within the next decade. This expansion aims to establish regional markets that balance demand and supply through intra-Africa trade. The markets being considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia. Through strategic expansions, AFEX intends to address the currently low regional trade level, which stands at 14.4% compared to 59%, 69%, and 30.4% in Asia, Europe, and North America, respectively. By facilitating cross-border trade in Africa, AFEX aims to increase regional trade volume, enhancing the capacity to meet the demands of Africa’s growing population. AFEX will continue to leverage its model of deploying infrastructure alongside access to capital and markets in the commodities sector, driving forward the continent’s food security efforts.

Tabitha Njuguna, Managing Director of AFEX Fair Trade Limited Kenya, expressed her delight at being recognized as the fastest-growing African company, especially following their recent expansion into Kenya and Uganda. Njuguna emphasized AFEX’s commitment to impacting farmers in the East African market and striving for fair value exchange within the agricultural value chain. AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya, 20,000 farmers in Uganda, and trade over 200,000 metric tonnes of commodities by 2025, further supporting East Africa’s food security goals.

Since its launch in Kenya in 2022, AFEX Fair Trade Limited has been dedicated to advancing Africa’s agro-tech sector in the East African market. The company currently operates 21 warehouses in Kenya and Uganda, boasting a capacity of over 22,000 metric tonnes. In February, AFEX Fair Trade Limited received its license as the first Private Warehouse Receipt Operator in Kenya and has since provided financing to over 10,000 farmers in the region.

AFEX’s outstanding growth and dedication to improving Africa’s agricultural sector position them as a key player in the continent’s economic development, further solidifying their influence in the commodities market.